Grayscale Investments experienced its first day of positive inflows for the Grayscale Bitcoin Trust (GBTC) on May 3, marking a turnaround after nearly four months of continuous outflows following its transition to a Bitcoin exchange-traded fund (ETF) in January. The inflow of $63 million contrasts with approximately $17.5 billion in outflows since the launch of the 11 spot Bitcoin ETFs on Jan. 11, according to preliminary data from Farside.

Among other reported funds, Franklin Templeton's Bitcoin ETF (EZBC) saw its highest ever inflow of $60.9 million. Fidelity Wise Origin Bitcoin Fund (FBTC) led the day's inflows with $102.6 million, followed by Bitwise Bitcoin Fund (BITB) with $33.5 million and Invesco Galaxy Bitcoin ETF (BTCO) with $33.2 million.

Speculation within the crypto community surrounds how this shift may affect Bitcoin's price. Pseudonymous investor DivXman suggested that GBTC had been a significant source of sell pressure across all spot Bitcoin ETFs but noted a potential change in the tide, indicating decreased sell pressure and increased demand. Crypto trader Jelle predicted a new all-time high for Bitcoin, anticipating that the influx of $60 million into Grayscale's ETF could mark the end of a price decline and the beginning of a surge towards a six-figure valuation.

Meanwhile, trader Jordan Lindsey observed Bitcoin's price responding to both outflows and inflows, with the cryptocurrency's price rising 4.91% to $62,840 over the past 24 hours, according to CoinMarketCap.

Several factors contributed to Grayscale's previous outflows, including GBTC's comparatively high fees and large sell-offs of GBTC shares by bankrupt crypto firms like FTX and Genesis, aiming to repay creditors. Genesis, for instance, liquidated approximately 36 million GBTC shares for $2.1 billion on April 6 to acquire 32,041 Bitcoin.